University of Oulu

A. Saputhanthri, C. De Alwis and M. Liyanage, "Survey on Blockchain-Based IoT Payment and Marketplaces," in IEEE Access, vol. 10, pp. 103411-103437, 2022, doi: 10.1109/ACCESS.2022.3208688

Survey on blockchain-based IoT payment and marketplaces

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Author: Saputhanthri, Amila1; De Alwis, Chamitha1; Liyanage, Madhusanka2,3
Organizations: 1Department of Electrical and Electronic Engineering, University of Sri Jayewardenepura, Nugegoda 10250, Sri Lanka
2Center for Wireless Communications, University of Oulu, 90570 Oulu, Finland
3School of Computer Science, University College Dublin, D04 V1W8 Dublin, Ireland
Format: article
Version: published version
Access: open
Online Access: PDF Full Text (PDF, 3.7 MB)
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Language: English
Published: Institute of Electrical and Electronics Engineers, 2022
Publish Date: 2022-12-20


The ever-growing smart applications will expand the Internet of Things (IoT) ecosystem to connect over 75 billion devices by 2025. IoT ecosystems comprise sensors that act as data suppliers and applications where monetary transactions are required to compensate the data producers. This signifies the importance of IoT payments and marketplaces to facilitate micro-transactions of billions of connected devices in the IoT ecosystem, which is heterogeneous, decentralized, and diverse. However, realizing such an ecosystem raises multiple challenges such as overcoming poor inter-operability, resource constraints, and security and privacy vulnerabilities of IoT devices and platforms. Blockchain is a Distributed Ledger Technology (DLT) that can be identified as a potential solution to overcome the challenges in realizing IoT payments and marketplaces. This is due to the characteristics of blockchain such as decentralization, traceability, immutability, and non-repudiation. This paper presents a comprehensive survey on blockchain-based IoT payments and marketplaces. This paper provides a brief introduction to the concepts of IoT payments and IoT marketplaces. Then the technical challenges involved in realizing IoT payment and marketplaces are discussed by highlighting the blockchain-based solutions. Furthermore, blockchain-based smart applications which use IoT marketplace and IoT payment concepts are presented marking the role of blockchain in each of the application. Subsequently, the paper discuss the integration challenges while also highlighting possible solutions. It is envisaged that this paper would shed light on the development of blockchain-based solutions to realize IoT payments and marketplaces.

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Series: IEEE access
ISSN: 2169-3536
ISSN-E: 2169-3536
ISSN-L: 2169-3536
Volume: 10
Pages: 103411 - 103437
DOI: 10.1109/access.2022.3208688
Type of Publication: A1 Journal article – refereed
Field of Science: 213 Electronic, automation and communications engineering, electronics
113 Computer and information sciences
Funding: This work was supported in part by the Academy of Finland under 6Genesis Flagship under Grant 318927, and in part by the Science Foundation Ireland under the CONNECT Center under Project 13 RC/2077_P2.
Academy of Finland Grant Number: 318927
Detailed Information: 318927 (Academy of Finland Funding decision)
Copyright information: © The Author(s) 2022. This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see